Greg Maffei to step down as CEO of Liberty Media, major shifts expected
Greg Maffei, the influential president and chief executive of Liberty Media, the company that owns Formula 1, is set to step down from his role at the end of the year. Liberty Media announced on Wednesday that Maffei would transition to an advisory role upon the expiration of his contract. John Malone, the 83-year-old chairman of Liberty Media, will step in as interim CEO.
"While it's never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time," Maffei, 64, said in a statement.
Maffei has been a pivotal figure in Liberty Media’s landscape since leading the successful takeover of Formula 1 in 2017 from long-time rights holder Bernie Ecclestone. At the time, Maffei described the acquisition as "an enormous opportunity to grow the sport," a vision that has come to fruition over the years.
Under Maffei’s leadership, Formula 1 has experienced a significant surge in popularity, driven in part by the success of the Netflix series Drive to Survive. This increased interest is particularly evident in the United States, which now hosts three annual races, with the Las Vegas Grand Prix scheduled for next week.
Despite his successes, Maffei's tenure has not been without challenges. In August, Liberty Media revealed it was under investigation by the U.S. Justice Department for allegedly denying Andretti Global's bid to become F1's 11th team. At the time, Maffei indicated that Liberty Media remains open to new entrants applying, and potentially being approved, if certain requirements are met.
Liberty Media has also been expanding its portfolio, acquiring the MotoGP series in April in a deal valued at around $4.5 billion, marking its entry into the realm of motorcycle racing.
Maffei’s departure marks a significant leadership change for Liberty Media, a company that has seen transformative growth under his guidance. With John Malone stepping in as interim CEO, the sports and media conglomerate will navigate this transitional phase as it continues to expand and adapt within the ever-evolving sports landscape.
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